Goldman Sachs does not expect the Fed to give much guidance on plans for its upcoming meeting. Possible post-election changes in fiscal policy are another source of risk to the Fed's policy path, although that risk could persist for longer. Mr. Powell's comments at his July press conference suggest the FOMC will be reluctant to respond to possible policy changes because they remain speculative. Even after the election results are known, the committee may be more willing to wait for clearer policy changes before reconsidering its economic outlook and interest rate plans. The Fed is expected to make no major changes to today's policy statement and will cut rates by 25 basis points in December and 100 basis points to 3.25-3% in the first half of 2025, but the pace and end of next year's rate cuts are uncertain.